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1. This is a fantastic piece of reporting. 2. Reading through all of this, I hold no sympathy to the IRS given this situation. The government policies describe
by flyinglizard 8y ago
1. This is a fantastic piece of reporting.
2. Reading through all of this, I hold no sympathy to the IRS given this situation. The government policies described, from the requests of disclosure to the taxation levied in this specific case appear downright abusive.
- influx 8y agoI read it and came to the same conclusion. The whole crux of the case is that there was unreported income from a loan that was forgiven. The banks did make it complicated, but they did so to avoid driving the company (and themselves) into bankruptcy, and look to still get paid back. Collecting a billion dollars on a loan that really hasn’t been forgiven and driving the company into bankruptcy seems insane. The IRS would have more of a case if they looked at the situation at the term of the loan and found it hadn’t been repaid.
- ben7799 8y agoI agree with your take on it. If they got their billions of taxes they'd have bankrupted this guy and put Continental Tire and a bunch of other companies out of business. There would be a ton of lost jobs and a lot of value in society destroyed. All because they couldn't back out of a deal because of the law in the first place. Definitely a weird international thing going on here too with the IRS potentially bankrupting a German company and the Germans being stuck with the fallout.